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It has been about a month since the last earnings report for Shopify (SHOP). Shares have lost about 1.1% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Shopify due for a breakout? Well, first let’s take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Shopify Inc. before we dive into how investors and analysts have reacted as of late.
Shopify Q2 Earnings Beat Estimates, Revenues Rise on Strong GMV Growth
Shopify reported second-quarter 2026 adjusted earnings of 42 cents per share, beating the Zacks Consensus Estimate by 7.69%. The figure increased 20% year over year.
Revenues jumped 33.7% year over year to $3.58 billion and surpassed the consensus mark by 4.36%.
The upside reflected broad-based Gross Merchandise Volume (GMV) growth and higher payments penetration. GMV increased 31.6% to $115.57 billion, while Shopify Payments penetration expanded three percentage points to 68% of global GMV.
SHOP’s Merchant Solutions Revenue Jumps
Merchant Solutions revenues increased 37.4% year over year to $2.78 billion. Growth was primarily driven by higher GMV, increased payments penetration and strength in partner revenue shares and financial services.
Shopify Payments expanded into the United Arab Emirates, bringing availability to 40 countries. Payments penetration in Europe rose more than 350 basis points (bps), supported by newer market launches and additional local payment methods.
Shop Pay GMV advanced 53% year over year. Shopify added more local payment options to Shop Pay and continued expanding installment adoption, giving buyers additional ways to complete purchases.
Shopify’s Subscription Business Maintains Momentum
Subscription Solutions revenues rose 22% year over year to $802 million. Standard-plan monthly subscriptions were the largest growth contributor, supported by strong merchant net additions.
Monthly recurring revenue increased 19% year over year to $221 million. Plus represented 34% of MRR and also grew 19%, reflecting continued demand from larger and more complex merchants.
SHOP’s Commerce Channels Deliver Broad Growth
International GMV advanced 37%, while North America GMV grew 28%. Europe posted 34% constant-currency GMV growth, highlighting continued geographic breadth.
Offline GMV climbed 32% and B2B GMV surged 76%. Shopify expanded native B2B capabilities beyond Plus, allowing more merchants to manage wholesale and direct-to-consumer operations from the same administration platform.
The company also added or expanded relationships with brands including Holt Renfrew, Guess, Avon, Arhaus and Canada Goose. These wins support Shopify’s unified-commerce push across online, physical retail and wholesale channels.
